Zuckerberg loses $16 billion in record Facebook fall

Zuckerberg loses $16 billion in record Facebook fall

That growth trouble, in turn, sent Facebook's share price down over 20 percent in after-hours trading.

Facebook had already warned investors ahead of the market opening that they should expect a significant decline in growth rate, with users in Europe falling from 282 million to 279 million.

On start of play Thursday 26 July, when USA markets reopened, Facebook saw more than $109 billion (£83 billion) wiped off of its market valuation. The company missed Wall Street's expectations on both revenue and its number of daily and monthly active users. Worldwide daily user growth for Facebook's namesake service slid for its sixth straight quarter, bringing it to almost 1.5 billion users in the second quarter. Though Facebook-specific global DAU rates were up 11 percent year over year - with growth led through users in India, Indonesia and the Philippines - it was less than Wall Street was projecting.

Ben Bajarin, an analyst at Creative Strategies, calls this "new territory" for Facebook.

Some blame the Cambridge Analytica scandal - that political data company that gained access to 50 million users' information, resulting in Zuckerberg testifying before Congress. Quarter after quarter, Facebook has been a remarkably reliable growth machine.

It was Facebook's lowest user growth rate ever.

Blood Moon dazzles star gazers in longest lunar eclipse of 21st century
The moon will appear reddish and not black because some of the sun's light gets bent around earth's edge and falls on the moon. A total lunar eclipse takes place when the Earth comes between the Sun and the Moon and covers the Moon with its shadow.

Israel responds to fatal knife attack with new settler homes
The attacker, identified as Mohammed Tareq Dar Yousef, 17, by family members was shot and killed at the scene Thursday night. The three men were killed by Israeli artillery fire targeting a Hamas military base near the border east of Gaza City.

Bulldozer operator killed fighting explosive Carr Fire near Redding
Throughout the day, helicopters and planes dumped water and fire retardant that turned swathes of land and homes pink. The fire grew 15,000 aces overnight from Wednesday to Thursday, and by evening took on another 8,000 acres.

Meanwhile, Facebook is also still coming to terms with the European Union's new privacy laws and the impact the rules will have on the business. Facebook achieved its $US630 billion valuation (now $US510 billion) through an eye-popping 472% run-up in its stock price since going public. But the ongoing scandals have caused many people to take another look, he said.

Facebook Inc and its chief executive Mark Zuckerberg were sued on Friday (July 27) in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about US$120 billion (S$163.43 billion) of shareholder wealth.

Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, "Antisocial Media: How Facebook Disconnects Us and Undermines Democracy", dismissed the significance of the stock plunge. While several analysts downgraded the stock, others say they still have faith in the company to grow over the long-term.

Shares in Facebook tumbled 19 per cent on Thursday on the United States' Nasdaq exchange to close at US$176.26 ($259.80) after sales and growth forecasts reported a day earlier, after normal trading closed, disappointed investors.

Facebook said 2.5 billion people were using any of its family of apps each month, including Instagram and WhatsApp.

Facebook has said it will increase spending to make investments in video content, and on new bets like artificial intelligence and virtual reality.

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